MGMT 625 Quiz 3
MGMT 625 Quiz 3
- Information including all work package requirement in a time-phased sequence, schedule durations for each work activity and cost estimate for each work activity used to form the criteria for comparison.
- Overhead expenses, administrative costs, daily labor and materials costs including office supplies and organization-wide support staff are all considered
- Depending on the type of project deliverable and the required work activities to produce that deliverable, two primary structures are used in project management:
- One primary component of the accuracy and relevance of information is the reliability of the source. All of the following are considered reliable sources of information for the project manager and project staff when developing the project schedule EXCEPT:
- Rolling specific data of each work activity into a finalized project budget is called top-down cost estimating.
- Sustainability of change refers to
- The three components that a project managers must monitor for each work activity are
- Simple technique used to analyze information from work activity monitoring which starts with the indication of a problem or undesired trend and identifies all possible scenarios that could produce the problem
- Parkinson’s Law states:
- uses information from previous project activities that are similar in scope, complexity, and requirements of deliverables as a comparable for estimating costs on new projects.
- These contracts start with an agreed-upon product or service at a fixed price with the addition of a clause that serves as an inducement and shifts the balance of risk back to the supplier. An example would be a monetary bonus for finishing a project early.
- Those tasked with collecting cost information may run into situations in which constraints create a challenge as to the availability of accurate cost estimates. These types of challenges are typically found at one of three levels:
- The four primary steps that make up the process of change include
- Technique used to reduce the project’s overall duration by identifying activities on the critical path that were connected in serial, but can be performed in parallel, thus reducing the duration of that path.
- takes the change control process and integrates it within the project to utilize the original statement of work, project baseline, project risks, and contingency plans already established in the project plan.
- All of the following are steps for the identification and elimination of most critical constraint using Goldratt’s theory of constraints EXCEPT:
- The action taken based on the analysis of information gathered as to corrections that will be implemented to adjust work activity to yield the expected activity performance
- This value represents a ratio of earned value to planned value
- A project manager uses this technique by simply increasing the amount of a particular resource on a particular resource on a work activity, usually at an added cost, to improve the duration of the activity
- Buffering considerations can be applied at the activity level for specific items as well as the overall project level to account for uncertainties. These considerations are called:
- Procrastination in starting activities can use up valuable slack built into the activity duration. This is referred to as
- What is the integrated monitoring system?
- The project manager uses the original project plan and information gathered by the monitoring activity progress to update the project forecast.
- The corrective action requirement is the result of work performance report analysis and root cause analysis, it can be implemented by the project managers without discussion or documentation.
- The ________________ can take information on parameters (such as cost as a function of time) and display an analysis using a sample grid.